Loan Balance Reduction via Equity Share Issue

UK Oil & Gas PLC

("UKOG" or the "Company")

Loan Balance Reduction via Equity Share Issue

UK Oil & Gas PLC (London AIM: UKOG) announces that to further reduce the balance of the funding facility announced on 28 June 2023 ("Loan"), it has delivered to RiverFort Global Opportunities PCC Limited and YA II PN Ltd ("Investors") a fourth tranche of ordinary shares ("Equity Shares"). Conversion of these Equity Shares by the Investors now reduces the balance of the £2 million gross first cash sum received to approximately £0.66 million.

The Loan's fourth tranche of 876,412,394 Equity Shares were converted at the Variable Price, being an average of 0.0175 pence per share, equivalent to 100% of the Company's lowest daily volume weighted average price ("VWAP") in the 15 trading days preceding the conversion date or the date the Equity Shares are applied to discharge the Loan.

The Investors' share transactions remain subject to the orderly market, no short position and Investors voting in favour of the Company obligations as previously announced on 28 June 2023.

Admission

Application has been made for the fourth tranche of Equity Shares, numbering 876,412,394 ordinary shares in total, to be admitted to trading on AIM ("Admission"). Admission is expected to take place at 8.00 a.m. on or around 29 January 2024.

Following Admission, the total voting rights in the Company will be 29,534,926,104 ordinary shares and Shareholders may use this figure as the denominator by which they are required to notify their interest in, or change to their interest in, the Company under the FCA's Disclosure, Guidance and Transparency Rules.

For further information, please contact:

UK Oil & Gas plc

Stephen Sanderson / Allen D Howard                                                                                     Tel: 01483 941493

WH Ireland Ltd (Nominated Adviser and Broker)                                                            

James Joyce / James Bavister / Andrew de Andrade                                                        Tel: 020 7220 1666

Communications

Brian Alexander                                                                                                                                                Tel: 01483 941493  

The information contained within this announcement is deemed by the Company to constitute inside information under the Market Abuse Regulation (EU) No. 596/2014, as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018. Upon publication of this announcement, this information is now considered to be in the public domain.